(a) Subject to subsections (b) and (c), a person not subject to Section 63-5-625 or 63-5-630 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to Section 63-5-645. (b) If a person having the right to do so under Section 63-5-615 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person. (c) If no custodian has been nominated under Section 63-5-615, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds $15,000 in value. HISTORY: 2022 Act No. 128 (H.3821), Section 1, eff April 4, 2022.
South Carolina Legal Code